Irs Standard Deduction 2024 For Seniors. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. The standard deduction for those over age 65 in tax year 2023 (filing in 2024) is $15,700 for singles, $29,200 for married filing jointly if only one partner is over 65 (or.

A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. If you are a single senior over the age of 65, you can claim an additional standard deduction of $1,950, married seniors are entitled to an additional $1,550.